After 1969, when Indian banks were nationalised and a multi-agency approach was used adequately.

• An apex body to co-ordinate the activities of all institutions dealing with rural financing system called "National Bank for Agriculture and Rural Development (NBARD) was set up in 1982.
• Today multi-agency institutions like commercial banks, regional rural banks, land development banks and co-operatives are expected to deliver rural credit at reasonable rates of interest.
• Most noticeable landmark on this front has been the emergence of "Self Help Groups" (SHGs), whose main purpose is to fill the gap in the formal credit system, which had been inadequate and called for some kind of collateral in all credit activities.

With the emergence of SHGs thrift in small proportions is being encouraged by a minimum contribution from each member. Money thus pooled is given in the form of credit to the needy members of the groups, at reasonable rate of interest and to be repaid in the form of small installments.
Such credit provisions through SHG's are generally known as "micro-credit programmes". SHGs have brought about empowerment of women, which is a welcome move. By March 2003, about 7 lakh SHGs had been credit linked. This is indeed a laudable achievement on the rural credit front.